CEO of Binance talks about the criteria for coin listing
Changpen Zhao, CEO of Binance (the world's largest cryptocurrency exchange by volume), spoke in his interview with Forbes about what factors are key to approving a listing on the exchange.
The most important criterion for a coin listing on Binance, he said, is the number of users.
CZ also said that there are many other factors: the number of active addresses on the blockchain, social media audience and code updates. However, the number of users is the "key indicator," Zhao said, also noting:
If a coin has a lot of users, we will add it. The significance of this factor is off the charts. Take meme tokens, for example. Although I don't understand them personally, if they have a large user base, we will pour them in. We follow the community, my opinion doesn't matter.
Today, Binance supports 346 cryptocurrencies, including major BTC and ETH, as well as popular meme tokens such as DOGE and SHIB, and the site has an estimated daily trading volume of $28 billion.
In a conversation with Forbes, Zhao also noted that Binance was able to become a leader in the crypto market not because of its large number of coin listings, but because of its focus on the international community:
Coinbase and Kraken focused on the US, OKCoin and Huobi focused on China, there were also local Japanese exchanges. There are major countries, major economies, but we found that no one was catering to 80% of the economies outside of their countries. We had four languages on launch day, nine a month later, and today we have 31. Even now, other platforms provide customer support in mostly one language. They're very focused on their countries. I think the listings were an important advantage, but we were the first to go international. There are a lot of other factors. For example, from the product position on most sites, you had to scroll up and then down to see the chart to place a bid. We said that's not how trading should work. So we created our own full-screen trading, even two versions. Subsequently it was copied by others. I could go into detail for a long time, but it's not just about the number of coins.
At the same time, it was recently reported that the wealth of the founder of Binance is $90 billion, making him the richest man in China, giving him a place in the top 10 richest people in the world and allows him to beat the founder of TikTok. That's the data cited by analyst Willie Wu, citing China's Caijing magazine.
However, this magazine believes that CZ has only a 30% stake in Binance. At the same time, Wu draws attention to the fact that the figure may actually exceed 90%. So in reality, Zhao's capital may be much more than $90 billion.